VNG receives all 16.9 million shares from foreign shareholders
VNG proposed to allow VNG Limited to transfer 16.9 million shares from foreign shareholders without a tender offer.
In a recently published document of the 2022 Annual General Meeting of Shareholders, VNG proposed many contents related to the treasury stock offering, employee stock ownership plan (ESOP) and share transfer of foreign investors.
Accordingly, VNG Limited is expected to receive 16.9 million shares, equivalent to nearly 47.4 per cent of VNG's total shares, from 13 foreign shareholders.
Its management also asked the 2022 Annual General Meeting of Shareholders to approve the exemption from the tender offer for the share transfer transaction of VNG Limited - a new legal entity established at the beginning of April in the Cayman Islands.
The deal must ensure that the foreign ownership ratio does not exceed 49 per cent.
Currently, VNG is also an investor in Tiki and holds 15.2 per cent ownership of Tiki Global. Previously, in July 2021, VNG completely exchanged an investment in Tiki into 4.6 million of the company’s shares, worth US$0.43/share.
In the 2022 Annual General Meeting of Shareholders document, VNG also suggested updating the implementation time of the treasury stock offering plan with the expected time in 2022 or 2023 instead of in the third or the fourth quarter of 2021 as approved at the 2021 Annual General Meeting of Shareholders.
VNG's Board of Directors explained that the failure to offer all 7.1 million treasury shares as planned was due to many challenges and strong fluctuations, affected by the outbreak of the COVID-19 pandemic in Viet Nam and around the world last year.
In 2022, VNG announced a business target with expected revenue of nearly VND10.2 trillion, while profit after tax for shareholders is expected to be negative VND311 billion and profit after tax for the company is estimated to be negative VND993 billion. — VNS
